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One supply-side measure introduced by the ReaganAdministration was a cut in income tax rates. Use an aggregatedemand/aggregate supply diagram to show what effect was intended.What might happen if such a tax cut also shifted the aggregatedemand curve?
Government consumption in our model is simply a "waste", that is it does not affect anyone's utility or affect the production process. Use the Pareto Optimality framework. For each of them,solve the social planner's problem and show the equations ..
The consumerís after tax wage is now (1 t)w. Explain the e§ect of the new tax on the consumerís consumption and hours of work. In your answer, provide a graphical analysis illustrating the consumerís optimal choice of consumption and leisure befor..
In an article on the steel industry, The Wall Street Journal noted that as steel prices were falling, steelmakers were not cutting production-Explain how advertising can be employed to allow Tots-R-Us to keep price average above cost without encoura..
If consumer incomes rise to $30,000, illustrate what will be the new equilibrium price and the new equilibrium quantity.
What causes the lags in the effect of monetary and fiscal policy on aggregate demand What are the implications of these lags for the debate over active versus passive policy
Use Okun's law to determine the size of the GDP gap in percentage-point terms. If the potential GDP is $500 billion in that year, how much output is being forgone because of cyclical unemployment?
Compute the ideas of the Classical economists with the ideas of John Maynard Keynes, and explain what kind of revolution the Keynesian revolution was.
Calculate the price elasticity of demand for paint and Illustrate the calculations.
In the early 1990's, a study found that moderate daily consumption of red wine reduced the incidence of heart disease in labratory rats. As a result of national press coverage of the report, the demand for red wine increased dramatically. Assume t..
Explain why competitive markets normally lead profit maximizing firms to make choices about resource use that lead to an "efficient" allocation of resources to the market?
Since 1990, energy use per person has either remained fairly stagnant or has increased in different nations and regions of the world. Match the nation or region with the trend in energy use per person since about 1990. Column preview China. increa..
Some reject fiscal stimulus measures in all policy forms. Explain what the various limitations are to a successful fiscal stimulus. Be sure to consider the damaging activities and decisions of (a) private corporations, (b) commercial banks,..
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